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and the debt ceiling, a debate is coming over america's deficit spending. we will explain what it is, and how cutting it could effect the u.s. economy. plus the financial outlook is getting better for more american cities, and we will introduce cow to the inventor who is using legos and other toys to make medical devices on the cheap. i'm david shuster in for ali velshi, and this is "real money." ♪ >> this is "real money," and you are the most important part of the show, so join our live conversation for the next hour by using the hashtag a.j. "real money" on twitter. ten days into a government shutdown and one week away from an october 17th debt ceiling meltdown. house republicans now appear ready for a deal of sorts that would exfengd the government's debt limit for six weeks. house leaders met with president obama thursday evening to discuss the proposal. talks will continue. in return for kicking the can down the road to november 22nd, republicans want president obama to sit down with gop leaders and negotiate longer-term budget issues. the president has already indicated he is ready to
of the reckless fiscal policy by the relationship leadership over the last three years. the deficit is higher now. do you regret saying that and voting that way in 2004? >> i do. i thought about that vote. i would vote definitely now. but what has changed now, is that nobody, myself or others who voted that way ever were saying they would allow the country to default on the debt. >> more symbolic. >> it was symbolic. it was about the fiscal situation and it does spur that conversation. what started in 2011, however, was people were actually saying they would allow the country to default. >> they are not saying that. the speaker is not saying that, is he? >> but what the speaker has said is he's going to continue to threaten default in order to extract concessions. what if the president were to say today, you know what i'm going to veto the debt ceiling unless you, congress adopt my budget, unless you adopt my jobs plan and balanced approach to deficit reduction. you know what the republicans would say? that is ridiculous but that's what they are doing. they are saying they will block us from payi
committee on a bipartisan basis that's actually brought a deficit-reduction bill to the floor that has passed in the senate of ththesenate. and so i take a back seat to no one when we are looking at ways to consult duplication, to cut things that aren't important, to strengthen those things that are and to save money. but you do not do it by destroying our economy, by shutting down the services that we call count on to protect us as consumers to make sure our children have opportunities, to make sure that we are safe and cure in this country. obviously that makes no sense. it's totally irresponsible. what we are not talking about enough is the fact that we have begun to see things happening in terms of the debt and deficit and we can continue to do that. in -- in fact, the yearly deficit has been cut in half. i don't hear people talking about that, but the numbers say that. we set a few years ago a goal of $4 trillion in deficit -- in debt reduction over ten years, and we're more than halfway there. not all the way there, but we have put in place the mechanisms through cuts, through ne
for joining thus week. >>> coming up, debt, deficit and deceit. the president ying he cut the deficit in half. we do the math. you decide. >>> time for a quick what do i need to know for next week? this is a disturbing time to be in the market. put in your mattress and sleep on it for a week. >> cash is king. >> right. >> john? >> i'm putting money in afririca and the middleast. i'm having success in egypt. the middle east is a metion bui think you canake some money with that mess. m.e.s., a fund that holds middle eastern stocks. >> high risk, high reward. you guys were great th week. that's it for "cost of freedom" blo joining us. but before we go, for th third ti this week i heard the president claim he cut the deficiin half. listen. >> since i took office we cut the deficit in half. >> that claim is as disingenuous as they come. en i a town chocked full of liars, thieves. the last yearunder bush deficit was $159 billion. your first year were $1.3 trilln, $1.3 trilli, $1.3 trillion. in 2013 it is expected to drop to $759 billion. claiming you cut the deficit in half is nothing short of b.s.
office report is saying our debt to gdp ratio is shall rimpgs. the deficit are falling faster than they have either ever fallen and the debt to gdp ratio, our debt level is not going to return for more than a decade. shutting down the government and threatening that we might have to default on either domestic obligations or on the bonds is a total cull one to craze noun. that's going to tank the economy at best. >> that's another quick question. >> i'm just curious. he offered a six-week extension with all he was requesting to negotiate. >> here's my fear. the guy from u.p.s., brings the package to your health. he has the ability to run over your package, throw it away, whatever. we should be negotiating about all of those issue that face the country. you like revenue versus cuts, things like that. but i think it's misleading to say that's what boehner was doing, because he was asking to negotiate on the debt ceiling. >>> nothing, you know, says have a substantive debate like a tea party really with sarah palin, ted cruz an the conphet rat flag. so this entire crisis that ted cruz
we do have and it would add to our deficit and our debt, not decrease them. there's nothing fiscally responsible about that. preventing this should be simple. as i said, raising the debt ceiling is a lousy name, which is why members of congress in both parties don't like to vote on it, because it makes you vulnerable in political campaigns. but it does not increase our debt. it does not grow our deficit. it does not allow for a single dime of increased spending. all it does is allow the treasury department to pay for what congress has already spent. but as i've said, it's always a tough vote. people don't like doing it. although it has been done 45 times since ronald reagan took office. nobody in the past has ever seriously threatened to breach the debt ceiling until the last two years. and this is the creditworthiness of the united states we're talking about. this is our word. this is our good name. this is real. in a government shutdown millions of americans face inconvenience or outright hardship. in an economic shutdown every american could see their 401(k)s and home values fall,
deficits and our debt. not decrease them. there's nothing fiscally responsible about that. prevent this should be simple. as i said, raising the debt ceiling is a lousy name, which is why members of congress in both parties don't like to vote on it because it makes you vulnerable in political campaigns. but it does not increase our debt. it does not grow our deficit. it does not allow for a single dime of increased spending. all it does it s allow the treasury department to pay for what congress has already spent. but, as i said, it's always a tough vote. people don't like doing it. although it has been done 45 times since ronald reagan took office. nobody in the past has ever seriously threatened to breach the debt ceiling until the last two years. this is the credit worthiness of the united states that we're talking about. this is our word. this is our good name. this is real. the government shutdown millions of americans face inconvenience or outright hardship in an economic shutdown every american could see their 401ks and home values fall, borrowing costs for mortgages and stu
deficits. it does not allow for a single dime of increased spending. all it does is allow the treasury department to pay for andwhat congress has already spent. but as i said, it's always a tough vote. people don't like doing it. although it has been done 45 times since ronald reagan took office. nobody in the past has ever seriously threatened to breach the debt ceiling until the last two years. and this is the creditworthiness of the united states we are talking about. this is our word. this is our good name. this is real. and the government shutdown millions of americans face inconvenience or outright hardship in an economic shutdown , every american could see their 401-k's and home values fall, borrowing costs for mortgages and student loans rise, and there would be a significant risk of a very deep recession. at a time when we are still climbing our way out of the worst recession in our lifetimes. the american people have already fought too hard and too long to come back from one crisis only to see a handful of more extreme republicans in the house of representatives precipitate a
heard people argue even this past weekend, you know, about that the deficit is not the real issue. that growth is the issue. where do you come down on that? austan? before you go, i know you have to go. >> yeah, okay, i'm going to cut out. look, i think for sure growth is the issue. i mean you may have seen the poll just came out today from bloomberg where they asked people, do you think the deficit is getting bigger or smaller. in fact, the deficit is shrink at the fastest rate ever, even as fast or faster than at the end of world war ii. but you've got almost two-thirds of people who think the deficit is going up. so i think in the short run, what we should be mainly focused on is how do we get the growth engine back going and you know, we can have a debate about that. there are a lot of different views but for sure in the short to medium run that is the overwhelmingly most important thing, not the how do we get the deficit to shrink faster. >> rose: what do you think about that argument, that austan just made, the deficit is shrinking. >> the deficit is shrinking temporarily. t
and eboni k. williams for joining thus week. >>> coming up, debt, deficit and deceit. the president saying he cut the deficit in half. we do the math. you decide. geoff: i'm the kind of guy who doesn't like being sold to. the last thing i want is to feel like someone is giving me a sales pih, especially when it comes to my investments. you want a broker you can trust. a lot of guys at the other firms seemed more focused on selling than their clients. that's why i stopped working at my old brokerage and became a financial coultant with charles schwab. avo: what kind of financial consultant are you looking for? talk to us today. ugh! actually progresso's soup has pretty bold flavor. i love bold flavors! i'd love it if you'd open the chute! [ male announcer ] progresso. surprisingly bold flavor for a heart healthy soup. ♪relaxed music go take the trail less traveled. go spend a little more time and a little less money. go to bass pro shops for great deals. and check out the new look of tracker boats for 2014. plus get a free boat cover with purchase of select models. >>> time for a quick wh
that are leading to our growing debt and deficit. we need savings and reforms as part of addressing that debt ceiling. also we talked about ideas for a continuing resolution to reopen the government. one that follows established law, the budget control act which establishes budgetary caps that need to be kept in place and honored as a part of this agreement. now, the continuing resolution we've talked about would also include flexibility for agencies to prioritize spending subject to congressional oversight. but we've got to have budget discipline. we're spending more than we're taking in. so it's a family, a business, a federal government, that doesn't work. so we've got exercise budget discipline. also, we talked about ideas that might include addressing the medical device tax, possibly repealing the medical device tax or at least deferring it for two years. and paying for it with pension smoothing under provision similar to those in m.a.p. 21. and we've looked at and talked about requiring income verification under the affordable care act to avoid fraud. ideas that republicans have put for
have taken the deal that i offered you back then. which would have dealt with our long-term deficit problems, would not have impeded growth as much, would have really boosted confidence. but at that time i think house republicans had just taken over, they were feeling their oaths but at that time, house republicans had just taken over. they were feeling their oats. they were thinking, we don't have to compromise. we came pretty close to default. we saw the impact of that. thought that they would have learned a lesson from is, we i did, which can't put the american people and the economy through that ringer again. that's the reason why i have been very clear, we are not going to negotiate run the debt ceiling. that has to be dealt with in a reasonable fashion. often hear people say, in the past, it has been dealt with all the time. the truth of the matter is, if you look at the history, people posture about the debt ceiling frequently, but the way the debt ceiling off and got past was you would stick the debt ceiling onto a budget negotiation once it was completed. he both figured, w
in ways to reign in the country's deficit. call it the super-duper committee, because that worked so well the last time. also earlier today, he said he wants everything on the table, or off the table, or whichever. >> all we're asking for is to sit down and have this conversation. there's no reason to make it more difficult to bring people to the table. and so i -- there's no -- there's no boundaries here. there is nothing on the table. there is nothing off the table. >> okay, let's give him a minute to sort that out. but you might want to act quickly, mr. speaker, because in addition to polls that show a spike in house oh republican disapproval ratings, the "washington post" reports that republicans could lose their majority because of the shutdown. they cite data from three polls showing democrats would pick up 30 seats, giving them control of the chamber. and that's not all. when those surveyed were told their gop representative voted for the shutdown, the swing was even sharper. quote, more like a 50-seat gain for democrats. equivalent to a wave election. but none of that, of course,
and deficit long term, that would be the give that the republicans would get. now, i want to emphasize everything i just said is coming from senior republican sources who are talking amongst themselves trying to read tea leaves from what the president has said publicly because they are not talking privately except one meeting we found out about today here on capitol hill among the democratic leadership in the house and republican leadership in the house. maybe nancy pelosi is going to be the go-between between the house republicans and the white house. they are not telling us what happened in that meeting. >> we should find out soon presumably. stand by. jay carney is asking reporters' questions, particularly about veterans benefits and how they are being affected. >> it's hampered without the increased productivity gained from over time for claims processors. as the secretary told us today, we've seen the backlog increase, reversing trends. employees perform a number of critical activities, from staffing and helping veterans manage their finances. by the end of the month, the va will
deficit. congress never voted on the delay. it was a unilateral choice made at the treasury department. thatort, the notion questions surrounding spending is congress' to answer, that a case of false advertising on the part of the obama administration. instances been other of false advertising concerning the debt limit. one is the president's claim that non-budget items have never before been attached to the debt limit. a claim to which a fact checker at the washington post assigned for pinocchio's. the 53 debt limit increase is passed since 1978, under both republican and only 26ic presidents, were "clean." , for the first time in recent history, people were commenting on the inability of treasury to make timely payments. if you go back to president clinton's administration and rate some press conference is -- thenthen checkers treasury secretary rubin, this is also false. i asked permission to enter a press conference that supports this position, along with an associated article from "the new york times." i hope that during today's hearings we did not regress into recollections of hi
.8 trillion of deficit reduction over ten years, including $400 billion in health care savings, $200 billion savings from mandatory programs, $200 billion of further discretionary cuts, strategic funding in discretionary spending, and yes, we even change the cost of living calculation for social security. but the republicans couldn't take yes for an answer. here was obama, here was his budget, here's what he was offering, to reduce debt, to take on mandatory spending, to take on discretionary spending. they couldn't take yes for an answer. it included things in there i didn't agree -- that i didn't agree with buts it was an offer to be discussed. since he became president, the deficit has gone down by 50% from $1.4 trillion in 2009 to an estimated $700 billion in 2013. high, yes, but cut in half. now, let's go to this president who they say won't negotiate. he negotiated in 2012, in december on a fiscal cliff deal. wanted a two-year delay in sequester but he got two months. wanted tax cuts for the wealthy to be eliminated above $250,000, agreed to an estate tax exemption, he agreed with -- h
. >>> coming up, debt, deficit and deceit. the presidensang he cut the deficit in half. we do th math. we do th math. you decide. customer erin swenson ordered shoes from us online but they didn't fit. customer's not happy, i'm not happy. sales go down, i'm not happy. merch comes back, i'm not happ use ups. ty make rurns easy. unhappy customer becomes happy customer. then, repeat cusmer. easy returns, i'm happy. repeat custome, i'm happy. sales go up, i'm happy. i ordered another pair. i'm happy. (both) i'm happy. i'm happy. happy. happy. happy. happy. happy happy. i love logistics. she took an early spring break thanks to her double miles fr the capital one venture ca. now what was mravis teaching? spelling. that's not a subject, right? i mean, spell check. that's a program. algebra. okay. persons a and b are flying to the bahas. how fast will they get ther don't u need dtance, rate and... no, all it takes is double miles. [ all ] whoa. yeah. [ male announcer ] get away fast with unlimited double miles fromhe capital one venture ca. you're the world's best teacher. this is so unexpected. what'
that are leading to the growing debt and deficit. asneed savings and reforms part of addressing the debt ceiling. also, we have talked about ideas for a continuing resolution to reopen the government. lawthat follows established , by that i mean the budget control act, which establishes budgetary caps that need to be in place and honored as part of the agreement. the continuing resolution we have talked about would include flexibility for agencies to prioritize spending subject to congressional oversight, but we have to have budget discipline. we are spending more than we are taking in. we have to exercise budget discipline. also, we talked about ideas that might include addressing the medical device tax amah possibly repealing the medical device tax were at least referring it for two years and paying for it with pension smoothing under provisions similar to those in map 21. talked about income verification under the affordable care act to avoid fraud. ideas that republicans have put forward. i think there has been brought up support for on the democrat side of the aisle. composed of these kinds
call up h.r. 3273, deficit reduction act and ask for immediate consideration. the clerk: a bill to establish a bicameral working group on deficit reduction and economic growth. the speaker pro tempore: pursuant to house resolution 373, the bill is considered read. the bill shall be debatable for 40 minutes, equally divided and controlled by the chairman of the committee on rules. the gentleman from texas, mr. sessions, and the gentleman from florida, mr. hastings, each will control 20 minutes. mr. sessions: i ask all members have five legislative days to revise and extend their remarks and include extraneous materials. the speaker pro tempore: without objection, so ordered. mr. sessions: it has been one week since the federal government shut down and house republicans have passed several appropriations bills designed to provide funding for numerous parts of the government's most important functions. join us to enate to find solutions to our nation's fiscal problems. unfortunately, no one over these three weeks have been able to reach a compromise. and senate democrats have simpl
disingenuous for you to do this, sir. he said i've cut the deficit. i've cut the deficit in half. he said that. he said it a few times the last couple of weeks. here's what he's done. here's the real numbers. the last year of president bu bush's term, the deficit was $459 billion. we were spending $459 billion less than we were taking in. president obama brought the deficit up to an annual deficit of $1.4 trillion. now it's coming back down to about $750 billion, okay? bush/obama. but it's so disingenuous to say i cut it from the high, which i created. it's like he's taking credit, but it's almost double what it was under george bush. >> he may well be doing that, but let's keep in mind that the deficit is the fiscal year october 1 to october 1. most of that year was in obama's camp. and he did do deficit spending. >> stop it. that's not fair. >> it is. october 1. >> what do you do about the $1.3 trillion in 2010? $1.3 trillion in 2011. >> what's it going to be this year? >> 750. >> what was it in the first year? >> 439 when bush left office. >> what was the first year for obama? >> 1.4. >> we
debt we do have and add to our deficits and debt, not decrease them. there's nothing fiscally responsible about that. now, preventing this should be simple. as i said, raising the debt ceiling is a lousy name why members in both parties don't like to vote on it. it does not allow for a single dime of increased spending. all it does is allow the treasury department to pay for what congress has already spent. but, as i said, it's always a tough vote. people don't like doing it. although it has been done 45 times since ronald reagan took office. nobody in the past has ever seriously threatened to breach the debt ceiling until the last two years. and this is the creditworthiness of the united states we're talking about. this is our word. this is our good name. this is real. and the government shutdown millions of americans faced convenience or outright hardship, in an economic shutdown, every american could see their 401(k)s and home values fall, borrowing costs for mortgages and student loans rise, and there would be a significant risk of a very deep recession at a time when we'r
of everything, everything we do as the government, we still would have a deficit. we'd still have a deficit. and for people who say that we can only focus on domestic discretionary spending or squeeze that to reduce the deficit further -- did the deficit is down from $1.4 trillion four years ago to about half of that today. still way too big. but we can't get from here to where we need we want to go by g just on domestic discretionary spending screng. i like to say there are three things we need to do. dr. coburn has heard it more times than he wants to remember. the presiding officer as well. three things we need to do if we're serious about deficit reduction. facing the realities of today, number one, entitlement reform. these are the president's words, entitlement reform that savings money --, saves money, that saves these programs for our kids and our grandchildren. and entitlement reform -- these are my words -- entitlement reform that doesn't savage old people or poor people but is sensitive to the least of these in our society. second thing we need to do is to focus on revenues. we n
deficit and debt, not decrease them. there is nothing fiscally responsible about that. preventing this should be simple. raising thedebt ceiling is a lousy name which is why members of both parties don't like to vote on it. it makes you vulnerable in political campains. it does not increase our debt. it does not yo allow for a timef single increased spending. all it does is allow the treasury department to pay for what congress has already spent. but as i said, it's always a tough vote. people don't like doing it. it has been done 45 times since ronald reagan took office. nobody in the past has seriously threatened to breech the debt ceiling until the last two years. and this is the crowe credit worthiness of the united states we are talking about. this is our word. this is our good name. this is real. the government shut down millions of americans face economic hardship in a shutdown. every american could see their 401k and mortgages fall. borrowing rise and there could be a risk of a deep recession. at a time where we are still climbing our way out of the worse recession in our
of frustration that have had a series of trillion dollar plus deficits and adding $7 trillion of debt and they wanted the president to provide leadership. simpson bowles turned his back on. that it is insanity we don't have agreement on entitlement reform. >> i'm for tax reform too. i'm for a grand bargain. but it has to raise revenues so the democrats have one side of the bargain. what the republicans are opposed it's not a grand bargain. it's their way or they will destroy the economy of the united states. >> you got $600 billion of new revenue the last go around. >> a sequester level. >> and if you look at the -- >> the deficit from the last three years have been going up or down? >> the debt has been going down. and the deficit -- >> for the third year in a row the fastest decline in the deficit since demobilization after the second world war at a time when the economy is depressed and you are arguing policies for austerity of a moment of this fragility. >> i think we agree on this. the other side will say by the time the president has left office he will add more debt as much as
leaders call president obama and say what we need to do is address our long-term debt and deficit issue. that's what this is about. it's certainliy ran. the path this country is on is utterly unsustainable. if you really understand, i'm a manufacturer. i'm always looking at the root cause of a problem. the reason we're in the stalemate dates back to the passage of obama care and the fact it was done on a totally partisan basis. it created this divide that hasn't been healed. you ladle that on top of the fact that harry reid's senate hasn't passed any appropriation bills in the last two years. it's kind of primary function of congress is to first authorize the activity of the federal government then provide the funding for it. we haven't passed an appropriation bill in two years. >> they did pass a budget in march. >> finally a budget. but a budget is only supposed to direct the appropriation process where you actually go through that difficult work of prioritizing spending. we haven't done that in two years which is why we're now at this moment, past the deadline of september 30th when
reform and tax reform but we have taken a deficit that was nine percent of gdp and brought it in half to four percent. if anything, we are getting criticized around the world for having too much deficit reduction too fast because they want more growth. i agree we should be dealing on a bipartisan basis with sensible balanced approaches for medium and long-term reforms. i would love to be engaged in that conversation. >> the very progress you are talking about occurred as a result of significant tax increases and the debt ceiling compromise that was breached with the budget control act. the fact is that we have not dealt -- in that compromise, we dealt with discretionary spending almost entirely. we have not dealt with entitlements with the -- which the administration says is off the table but now we have more demands for greater tax hikes. that's what the negotiations we want to engage in are about. >> the president has engaged on multiple occasions. i have been part of those negotiations. we very much believe that a balanced approach where you do entitlement reform and tax reform wou
together to negotiate. the republicans have said no. so a budget has been passed. in terms of the deficits, they are going to be cut in half by the end of this year. >> no thanks to obama. >> big thanks to obama. >> for things he inherited and our spending is at record lows. so look, all of these things are being done. this isn't about spending. if it was about spending we would have already had a deal. this is about obama care. >> obama care is spending. >> defaults. defaults. do you think default is a problem? >> pardon me? >> do you think default is a problem? >> of course i think it's a problem. but i think it's worth republicans fighting. this is a hill to die on. we don't have many opportunities to bring obama to the table. and that is what it takes. obama care is destroying our health care system. not one thing that obama promised is coming to fruition. it is a lie all the way down. >> so you're going to default over that. >> we're not going to default. if the debt ceiling is not raised, that does not constitute a default. we can still pay our bill, interest on the debt and social s
're not only going to add to the deficit and debt of this country by playing this brinksmanship, we are going to hurt every american, every american who relies on credit, whether it is a mortgage, whether it is car loan, a student loan. we've now linke link student loo this problem. think about the dollars and think about what's happening to the american people when we don't do the things that we need to do. we shut down government but won't let people go to work, serve the public, but then say, oh, don't worry, we're going to pay you. and then we cost by shutting down this government -- we have cost millions and millions a and millions and billions of dollars, adding to the deficit and debt. dollars that we didn't have to spend. and now we're going to play this brinksmanship in our debt limb. debt limit. we're going to shake up not only the american markets, we're going it add to the interest costs not only of the american people and of this government, we already have in the markets discounting of our treasury bills. we already have seen exactly what's going to happen, and the longer this i
stamps, for example. isn't it possible that in the name of reducing the deficit, this path could increase the deficit? is that possible? would it be fair to me -- for me to call that extraordinarily wrongheaded? thank you, i'm out of time. >> senator warren? >> thank you, mr. chairman. i appreciate your being here today. mr. keating, i read your article in "the washington post," that using the debt ceiling as leverage is unwise and dangerous. you also noted that the respect and admiration of the united states and its institutions inspire around the world are based on the certainty that when our nation makes a promise, we keep it. i take it from what i've heard here today that all of you agree with that same sentiment. i've read yours, mr. benson, that it is on acceptable for congress to either voluntarily default on the debt and a continual short-term extension of the debt limit increase is unnecessary market uncertainty and raises questions about our nation's credit worthiness. i think we're all on the same page here. i agree. think that makes sense. here's my question. if the very prosp
that it would be more expensive for us to service what debt we do have and would add to our deficits and debt. not decrease them. there is nothing fiscally responsible about that. preventing this should be simple. as i said, raising the debt ceiling is a lousy name which is why members of congress in both parties don't like to vote on it because it makes you vulnerable in political campaigns, but it does not increase our debt. it does not grow our deficits. it does not allow for a single dime of increased spending. all it does is allow the treasury department to pay for what congress has already spent. but as i said, it's always a tough vote. people don't like doing it. although it has been done 45 times since ronald reagan took office. nobody in the past has ever seriously threatened to breach the debt ceiling until the last two years. and this is the creditworthiness of the united states we are talking about. this is our word. this is our good name. this is real. and the government shutdown millions of americans face inconvenience or outright hardship in an economic shutdown , every america
. it would add to our deficits and our debt, not decrease them. there's nothing fiscally responsible about that. preventing this should be simple. as i said, raising the debt ceiling is a lousy name which is why members of congress in both parties don't like to vote on it, because it makes you vulnerable in political campaigns but i had does not increase our debt. it does not grow our deficits. it does not allow for a single dime of increased spending. all it does is allow the treasury department to pay for what congress has already spent. but, as i said, it is always a tough vote. people don't like doing it. although it has been done 45 times since ronald reagan took office. nobody in the past has ever seriously threatened to breach the debt ceiling until the last two years. and this is the creditworthiness of the united states that we're talking about. this is our word. this is our good name. this is real. and a government shutdown millions of americans face inconvenience or outright hardship in an economic shut down, every american could see their 401(k)s and home values fall. borrowing
reduced the deficit by 50%. republican house has sent over. i disagree with the president. he said we reduced the deficit by 50%. he has actually increased the deficit 127%. all he wants to do is tax and spend. limite we want to put a on his credit card, he is at all. to negotiate it is a deadlock. nothing will change unless and says,omes down ok, this is the way it is, these are the realities of this situation. until somebody gets some common sense, we are all going to be in trouble. leading aother story lot of the papers this morning is the nomination of janice yellin as the next chair of the federal reserve. as is the front page of "the washington journal." i want to play you a bit yesterday from that ceremony in which the president announced her nomination. she understands the necessity of a stable financial system were removed ahead with the reforms that we have begun. protect consumers. ensure no institution is too big to fail. make sure that taxpayers are never left held holding the bag because of mistakes of the reckless few. at the same time, she is committed to the appointm
became not whether to reduce the nation's deficit but how. >> in 2011 there was bipartisan interest in doing something to bring down the deficit. deficits were extremely high by historical standards, and the defeating was about what to do not whether to do something. >> reporter: republicans wants to cut government spending, while democrats favored a mix to spending and an end to tax breaks to large companies. global markets trembled. >> in 2011, the market reaction happens earlier that there was great concern in both, you know, falling consumer confidence, falling stark market. there was a lot of concern that washington might not be able to get itself act together and as a result you could see in that impasse, effects on the economy deadline. >> reporter: an agreement was reached at the 11th hour, but it wasn't until after the standoff was signed that the actions hit home. u.s. sovereign debt was downgraded from aaa. as the treasury department noted last week, the fallout from the 2011 debt ceiling impasse left deep scars on the economy. including a decline in consumption and incre
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